Quote:
Originally Posted by Biggie Smalls Web Writing
Its crazy what happened.
They were insolvent for some time due to leveraging clients' funds.
Then when Binance found out what they were doing and threatened to sell some of the % FTT token they owned, FTT token started going down and FTX tried to stop the bleeding by selling other assets. Millions of users then realized that money is not safe and they tried to do withdrawals, which was suspended a few hours later. And the worst part was the hack, which many people think that Alameda did and stole an additional 400m usd.
Yeah, you're not wrong, the movie is coming out soon
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There was no hack. There's no way that someone could have compromised that many systems that quickly unless they were absolutely fucking retarded and stored all the keys in one place with a shitty password, and I would imagine that a company worth billions like that one (at the time, anyways) likely had a whole team for cyber security.